US Home Listing Prices Rose in February, Increasing Competition for Housing

By Bryan Jung
Bryan Jung
Bryan Jung
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
March 30, 2022 Updated: March 30, 2022

Competition for homes in February among U.S. buyers for this spring heated up for the second month in a row, after news that mortgage rates will go up through 2022, according to OJO Labs, which runs the Movoto by OJO real estate search site.

It said that 39.9 percent of homes have sold for more than their list price in February, compared with 36.2 percent in January, an increase from the 30.7 percent in February 2021.

The housing market is more competitive now than it was a year ago, with 2022 housing price figures already hitting summer rates.

Back in July 2021, 49.7 percent of homes sold above the initial list price.

According to OJO Labs, homes that are selling for more than the asking price indicate that multiple buyers are competing for the property.

An increasing number of homes in February sold above their listing price in 42 out of the top 50 U.S. metro areas, compared with January.

At least 50 percent of homes in 11 metro areas sold for more than their asking price in February, after just five topped the same mark the previous month.

The average amount that buyers are paying more for housing, compared with other months, has gone up with the number of homes sold above their normal listing price.

In February 2022, homes across the nation sold for an average of $5,911.62 above the list price in the 50 top metro areas.

This is a 1,063 percent increase from January, when homes sold for an average of $508 above the list price.

Meanwhile, in February 2021, homes around the United States were selling for, on average, $2,907.52 below the initial asking price.

San Francisco stood as the nation’s most competitive metro area with 71.4 percent of homes in February selling above the list price.

The average home in San Francisco sold for $137,588 above the initial list price.

The second most competitive city was San Diego, where 63.2 percent of homes sold above the listing price, with homes selling on average, $32,647 above the list price.

Other U.S. cities with listing prices above 50 percent include Los Angeles, Sacramento, and Denver; rounding out the top five most competitive metro areas.

Washington, D.C., saw 39 percent of homes selling for more than the list price, at an average of $5,203 above the asking price.

This is an increase from 32 percent in January and 37 percent in February 2021.

Green Bay, Wisconsin, was listed as the nation’s least competitive metro area, with only 0.1 percent of homes selling above list price.

Other low competitive cities include Norfolk, Virginia, at 5 percent above the list price; Madison, Wisconsin at 15 percent; Mobile, Alabama, at 24 percent; and Fort Myers, Florida, at 25 percent sold above list price.

The best deal for housing in a metro area was Miami, where homes sold for, on average, $21,771 below the list price.

Bryan Jung
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.